China to Readjust Financial Market: Liang Dingbang

China is expected to move forward in the development of financial instruments and market readjusts in the following two years, said Liang Dingbang, chief advisor to the China Securities Regulatory Commission.

Liang said Wednesday that a combined management of banking and securities business is likely to appear in the country.

Liang made the remark at a China investment forum, officially named ClSA China Forum 2001, an eight-day event sponsored by Credit Lyonnais Security (Asia) Ltd. Emerging Markets and the State Economic and Trade Commission, which started Wednesday in Shanghai.

Since 1993, banking, insurance, and securities industries have been operated separately, which can no longer meet the demand of development in a capital market, said Liang.

During the past few years, the authorities have made some tentative efforts to merge insurance and securities industries, which proves feasible and efficient, he said.

Meanwhile, the authorities will continue to keep an eye on speculation and stabilize the market, he said.

The annual CLSA China Forum 2001 attracted about 200 managers of foundations, entrepreneurs, experts, and officials from around the world.

People's Daily Online ---